As of July 1, 2025, since February 1, 2024, 117,495 applications have been executed (transferred to authorized operators for crediting to applicants' bank accounts) in the amount of USD 14.86 million. Of these, 71,488 applications in the amount of USD 9.20 million have been executed for the purpose of improving housing conditions, and 46,007 applications in the amount of USD 5.66 million have been executed for paying for education. Let us remind you that the recipient of target savings (TS) has the right to use the entire amount or part of it, the remainder of the unused amount remains in the target savings account (TSA).
The most popular sub-purposes for using funds for improvement of housing conditions were: replenishment of a contribution to housing construction savings for further accumulation (69,756 applications completed for a total of USD 9.00 million), making a down payment to obtain a mortgage loan for the purchase of housing - 551 applications for a total of USD 66.52 thousand, purchase of housing in ownership through civil law transactions (final settlement) - 436 applications for a total of USD 49.84 thousand.
For the purpose of obtaining education, funds were most often used to pay for the services of educational organizations located in the territory of the Republic of Kazakhstan, in installments (for each academic period or academic year) or in full at one time (for the entire period of study) (40,517 applications were completed for the amount of 5.04 million US dollars), replenishment of an educational savings deposit under an agreement on an educational savings deposit (4,040 applications were completed for the amount of 454.21 thousand US dollars), payment for educational services of foreign educational organizations in installments (for each academic period or academic year) or in full at one time (for the entire period of study) (1,166 applications were completed for the amount of 131.38 thousand US dollars).
Detailed information on payments of targeted savings for the purpose of improving housing conditions and (or) paying for education by authorized operators and regions can be found on the website enpf.kz.
Let us remind you that according to the program "National Fund for Children", 50% of the investment income of the National Fund of the Republic of Kazakhstan is distributed once a year among children who are citizens of the Republic of Kazakhstan who were born in 2006 and later. For 2023, all recipients of the TS were credited with 100.52 US dollars, for 2024 - 129.38 US dollars. Children who received their first funds from the National Fund in 2023, with the exception of persons born in 2006, were credited with investment income in the amount of 3.04 US dollars this year. As a result, the target savings of a child born in 2006 amount to 100.52 US dollars, and those born in 2007 – 232.94 US dollars.
Adult citizens must independently track their TS through their personal account on the Internet resources of the UAPF or e-government, and then contact an authorized operator to open a bank account in US dollars and submit an online application for payment of TN to improve housing conditions and (or) pay for education.
You can familiarize yourself with the terms of the program, get instructions, and answers to your questions on the website kids.enpf.kz and on the БЖЗҚ ЕНПФ YouTube channel. We also note that a video instruction on the implementation of the "National Fund for Children" program, the algorithm of actions before and after the child reaches adulthood is posted on the БЖЗҚ ЕНПФ YouTube channel: https://www.youtube.com/watch?v=HHQNAxfskX8.
UAPF was founded on August 22, 2013 on the basis of GNPF APF JSC. The founder and shareholder of the UAPF is the Government of the Republic of Kazakhstan represented by the State Institution Committee of State Property and Privatization of the Ministry of Finance of the Republic of Kazakhstan. Trust management of UAPF pension assets is carried out by the National Bank of the Republic of Kazakhstan. In accordance with the pension legislation, the UAPF attracts compulsory pension contributions, employer’s compulsory pension contributions, compulsory occupational pension contributions, voluntary pension contributions, as well as carries out enrollment and accounting of voluntary pension contributions formed at the expense of the unclaimed amount of guaranteed compensation for the guaranteed deposit, transferred by the organization carrying out mandatory guarantee of deposits, in accordance with the Law of the Republic of Kazakhstan "On mandatory guarantee of deposits placed in second-tier banks of the Republic of Kazakhstan", ensures the implementation of pension benefits. The Fund also carries out accounting of target assets and target requirements, accounting and crediting of target savings (TS) to target savings accounts, payments of TS to their recipients in bank accounts, accounting for returns of TS in the manner determined by the Government of the Republic of Kazakhstan within the framework of the National Fund for Children program (More details at www.enpf.kz)
1) Who is entitled to receive scheduled pension benefit payments from UAPF?
In accordance with the Social Code of the Republic of Kazakhstan, monthly pension payments from compulsory pension contributions and (or) compulsory occupational pension contributions (hereinafter referred to as COPC) according to the established schedule from UAPF are made to persons who have pension savings in UAPF:
- who have reached retirement age (men - 63 years old, women - 61 years old (since 2028, the age will increase annually by 6 months until reaching 63 years old in 2031));
- upon reaching 55 years of age, for which COPC have been paid in total for at least 84 calendar months at the time of applying for pension benefit payment, subject to termination of employment in jobs with harmful working conditions, the professions of which are provided for in the list of industries, jobs, professions of workers approved by the authorized state body;
- who have a disability of group 1 or 2, established indefinitely,
Payments from UAPF are made in the manner determined by the Government of the Republic of Kazakhstan.
Payments are calculated according to the schedule as follows: in the first year of receiving payments, the amount of pension savings is multiplied by the pension savings payment rate of 6.5% and divided by 12. In subsequent years, the amount of the monthly pension benefit is increased by the pension payment indexation rate of 5%. In this case, the monthly pension payment from the UAPF is made in the amount of at least 70% of the subsistence minimum (hereinafter - SM) established for the relevant financial year by the law on the republican budget (in 2025, the SM is 46,228 tenge).
For beneficiaries of certain categories: persons with disabilities of groups 1 or 2, established indefinitely, as well as those who worked in harmful and hazardous industries, whose savings are formed through compulsory occupational pension contributions in total for at least sixty months, the Methodology provides for correction factors that increase the amount of the monthly pension benefit. For persons who meet more than one of the above conditions, the adjustment factor with the highest value is applied.
When calculating and making pension benefit payments to persons who have reached the age of 55 and paid COPC for them for at least 84 months in total:
- the threshold of at least 70% of the minimum wage for making a pension benefit payment is not applied;
- adjustment factors are not applied;
- the balance on the individual pension savings account in the amount of less than 70% of the minimum wage is not subject to payment together with the amount of the next pension benefit.
It should be noted that pension payments from UAPF are made until the pension savings are exhausted.
If the amount of pension savings on the date of payment from UAPF does not exceed twelve times the minimum pension established by the law on the republican budget for the relevant financial year (in 2025, 753,252 tenge = 62,771 x 12), the payment is made in a lump sum.
To assign pension benefits from the UAPF at the expense of mandatory types of pension contributions in connection with reaching the retirement age, as well as the assignment of a basic and solidarity pension from the state budget, beneficiaries must promptly contact the State Corporation "Government for Citizens" (CSC) at their place of residence. This can be done 10 days before reaching the retirement age. All types of pension benefits by age are made from the date of application. In this case, the day of application is considered to be the day of registration of the application and the necessary documents in the CSC, provided that the recipient has reached the retirement age, if he applied earlier - the day of application is considered to be the day of reaching the retirement age. Timely application is especially important for receiving benefits from the budget, for the assignment of which it is necessary to verify the work experience based on the documents submitted by the beneficiary. Pension benefits at the expense of budget funds are made for life, and from the UAPF - until the depletion of the benefiary's pension savings.
Future pensioners (potential beneficiaries), whose phone numbers are registered in the egov mobile citizens database, receive an SMS notification from number 1414 2 months before reaching retirement age about the possibility of timely contacting the nearest branch of the State Corporation to receive services for the appointment of pension benefits with a link to the list of documents on the egov.kz website. That is, government agencies send out relevant notifications to process pension benefits within the specified timeframes, since payments are not assigned for the missed period.
It is also worth noting that in order to provide a proactive service for making pension benefit payments from UAPF to persons who have reached retirement age, have pension savings in UAPF and have not applied for their payment, UAPF conducts an annual reconciliation together with the State Corporation for the presence of assigned pension benefits by age and state basic pension benefit at the expense of budgetary funds for these citizens. Based on the results of the annual reconciliation, when identifying persons who have assigned pension benefits from budgetary funds, UAPF makes pension payments to them within the framework of the relevant agreement concluded with the State Corporation, i.e. without an application.
For payment of pension savings in connection with the establishment of a permanent first or second group disability, you must contact the UAPF departments either through your personal account on the website (enpf.kz) or in the UAPF mobile application using an electronic digital signature.
Please note that UAPF has organized on-site services for persons with permanent first or second group disability. In this case, a preliminary consultation is carried out, including checking the possibility of receiving services remotely, without leaving.
On the enpf.kz website, in the section “Services – Pension payments”, there is a list of necessary documents depending on the type of pension benefits and the method of filing them, requirements for their execution, application forms and samples of their completion, a sample power of attorney. In the “Online services” section, there is an option to pre-check the documents sent for pension payments from UAPF (service name “Pre-check of documents for pension benefit”: https://www.enpf.kz/ru/elektronnye-servisy/checkdoc.php).
UAPF consulting services can be obtained through instant messengers (chat bot in WhatsАpp and Viber at +7 777 000 14 18), call center at 1418 (call within Kazakhstan is free), on the corporate website enpf.kz, as well as on the official UAPF pages on social networks Instagram, Facebook, VKontakte, Telegram, Odnoklassniki.
UAPF was founded on August 22, 2013 on the basis of GNPF APF JSC. The founder and shareholder of the UAPF is the Government of the Republic of Kazakhstan represented by the State Institution Committee of State Property and Privatization of the Ministry of Finance of the Republic of Kazakhstan. Trust management of UAPF pension assets is carried out by the National Bank of the Republic of Kazakhstan. In accordance with the pension legislation, the UAPF attracts compulsory pension contributions, employer’s compulsory pension contributions, compulsory occupational pension contributions, voluntary pension contributions, as well as carries out enrollment and accounting of voluntary pension contributions formed at the expense of the unclaimed amount of guaranteed compensation for the guaranteed deposit, transferred by the organization carrying out mandatory guarantee of deposits, in accordance with the Law of the Republic of Kazakhstan "On mandatory guarantee of deposits placed in second-tier banks of the Republic of Kazakhstan", ensures the implementation of pension benefits. The Fund also carries out accounting of target assets and target requirements, accounting and crediting of target savings (TS) to target savings accounts, payments of TS to their recipients in bank accounts, accounting for returns of TS in the manner determined by the Government of the Republic of Kazakhstan within the framework of the National Fund for Children program (More details at www.enpf.kz)
Pension savings of Kazakhstanis reached KZT23.34 trillion tenge:
growth over the year - 21.3%
The volume of pension savings of Kazakhstanis as of 01.06.2025 amounted to KZT23.34 trillion, showing growth over the year by KZT4.10 trillion tenge or 21.3%.
Pension savings due to compulsory pension contributions (CPC) as of June 1, 2025 reached KZT22.25 trillion, having increased by 19.9% over 12 months.
The amount of pension savings due to compulsory occupational pension contributions (COPC) amounted to KZT666.33 billion, having increased by 10.7% over 12 months.
The most significant annual increase was demonstrated by savings on voluntary pension contributions (VPC) - by 37.5%, as of 01.06.2025 their volume amounted to KZT8.45 billion.
As of June 1, 2025, the amount of pension savings due to employer's compulsory pension contributions (ECPC), received from January 1, 2024 to the pension accounts of contributors (beneficiaries), amounted to KZT418.45 billion.
Incomes
The growth of savings is provided by the receipt of pension contributions, as well as investment income. Over the year, KZT1,301.01 bln of contributions were received into individual and conditional pension accounts of depositors, which is 20.4% (or KZT220.26 bln) more than the same period last year.
KZT1,070.38 bln were received into individual pension savings accounts (IPSA) for recording the CPC from the beginning of the year as of 01.06.2025 (compared to the same period last year, the volume of CPC increased by 12.1%), COPC - KZT57.24 bln (an increase of 21.1%), VPC - KZT1.21 bln. Contributions from the ECPC for the first 5 months of 2025 amounted to KZT172.18 bln.
Benefits and transfers
Payments for all types of contributions and transfers to insurance organizations from the UAPF for 5 months of 2025 amounted to KZT646.05 bln, which exceeds the volume of payments of last year's indicator by 75.9% or KZT278.68 bln.
Most of the payments are lump sum pension benefit payments (LSPBP) for improving housing conditions and medical treatment - KZT374.68 bln. At the same time, the volume of payments for alternative purposes increased by 41.25% compared to last year's indicator.
Age-related benefits as of 01.06.2025 increased by 22.21% over 12 months and amounted to KZT98.08 bln. It should be noted that the amount of the average monthly pension benefit according to the schedule from the UAPF in connection with reaching retirement age was 35,668 tenge.
From the beginning of the year to 01.06.2025, inheritance payments were also made - KZT28.96 bln, payments in connection with leaving for permanent residence outside the Republic of Kazakhstan - KZT15.24 bln, payments to persons with disabilities - KZT1.32 bln, funeral payments - KZT4.48 bln. An amount of KZT123.29 bln was transferred to insurance organizations.
IPSA number
The total number of pension accounts in the UAPF as of June 1, 2025 was 17.59 million units (growth over 12 months - 1.45 million units or 9%). At the same time, the number of individual pension savings accounts of contributors (beneficiaries) in the UAPF as of June 1, 2025 was 12.56 million units, of which: 11.17 million - for the compulsory pension contribution, 736.94 thousand - for the compulsory occupational pension contribution, 450.31 thousand - for the voluntary pension contribution.
The number of notional pension accounts in the UAPF, which record information on received employer’s compulsory pension contribution, was 5.04 million units.
All up-to-date information on statistical data on pension assets is posted on the enpf.kz website in the Statistics and Analytics section.
UAPF was founded on August 22, 2013 on the basis of GNPF APF JSC. The founder and shareholder of the UAPF is the Government of the Republic of Kazakhstan represented by the State Institution Committee of State Property and Privatization of the Ministry of Finance of the Republic of Kazakhstan. Trust management of UAPF pension assets is carried out by the National Bank of the Republic of Kazakhstan. In accordance with the pension legislation, the UAPF attracts compulsory pension contributions, employer’s compulsory pension contributions, compulsory occupational pension contributions, voluntary pension contributions, as well as carries out enrollment and accounting of voluntary pension contributions formed at the expense of the unclaimed amount of guaranteed compensation for the guaranteed deposit, transferred by the organization carrying out mandatory guarantee of deposits, in accordance with the Law of the Republic of Kazakhstan "On mandatory guarantee of deposits placed in second-tier banks of the Republic of Kazakhstan", ensures the implementation of pension benefits. The Fund also carries out accounting of target assets and target requirements, accounting and crediting of target savings (TS) to target savings accounts, payments of TS to their recipients in bank accounts, accounting for returns of TS in the manner determined by the Government of the Republic of Kazakhstan within the framework of the National Fund for Children program (More details at www.enpf.kz)
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Review of the investment portfolio managed by the NBRK and IPM as of June 1, 2025
UAPF JSC (hereinafter referred to as UAPF) presents a report on the management of pension assets by the National Bank of the Republic of Kazakhstan (hereinafter referred to as NBRK) and investment portfolio managers (hereinafter referred to as IPM) on the enpf.kz website in the section "Statistics and Analytics - Investment Management of Pension Assets".
The total volume of pension assets as of June 1, 2025, under the management of the NBRK and IPM amounted to KZT23,314.57 bln. As of this date, UAPF pension assets under the trust management of the NBRK, formed through compulsory pension contributions (hereinafter referred to as CPC), compulsory occupational pension contributions (hereinafter referred to as COPC), voluntary pension contributions (hereinafter referred to as VPC), amounted to approximately KZT22,834.90 bln[1]. The volume of pension assets formed by employer’s compulsory pension contributions (hereinafter referred to as ECPC), which are in the trust management of the NBRK, is KZT417.28 bln. Pension assets under IPM management amounted to more than KZT62.39 bln.
Investment portfolio of pension assets managed by the National Bank of the Republic of Kazakhstan
The National Bank, as a trustee of UAPF pension assets, pursues a balanced investment policy: invests in various types of financial instruments by currencies, countries, sectors and issuers.
The main areas of investment of pension assets formed through CPC, COPC, VPC, as of June 1, 2025, are as follows: government securities of the Ministry of Finance of the Republic of Kazakhstan - 44.48%, bonds of quasi-public companies - 9.15%, bonds of second-tier banks of the Republic of Kazakhstan - 3.27%, shares and depositary receipts of issuers of the Republic of Kazakhstan - 1.62%, IFO - 1.25%.
The investment portfolio by currencies in which the financial instruments acquired through CPC, COPC, VPC are denominated, as of June 1, 2025, is as follows: investments in national currency - 59.37%, in US dollars - 40.63% of the pension asset portfolio.
From the analysis of the structure of the income received, it follows that the income in the form of interest on securities, including on placed deposits and reverse repo transactions, amounted to KZT751.3 bln. Market revaluation of securities, foreign currency, for assets under external management was negative. Other income amounted to KZT4.33 bln.
Despite short-term fluctuations in profitability, over the past 12 months from June 2024 to May 2025, the accrued investment income amounted to KZT2.60 trln, the yield for this period was 13.08% with inflation at 11.30%.
Let us remind you that pension savings are long-term investments, so investment income should be assessed for at least an annual period. Short-term fluctuations in profitability are possible due to the volatility of foreign exchange rates, changes in the market value of financial instruments, as well as the impact of inflation. In such conditions, diversification of the investment portfolio plays a key role: profit from some instruments compensates for temporary losses on others, which ensures the safety and stable profitability of pension savings in the long term. Thus, investment income in dynamics over the last 3 years shows stable growth, the return on pension assets outpaces the inflation rate.
The investment areas of ECPC as of June 1, 2025 are as follows: government securities of the Ministry of Finance of the Republic of Kazakhstan - 89.77%, repo transactions - 7.21%, deposits of the National Bank of the Republic of Kazakhstan - 2.74%. The investment portfolio at the expense of ECPC includes only financial instruments denominated in national currency. As of June 1, 2025, the yield of ECPC over the past 12 months was 11.39%.
A detailed structure of the investment portfolio of financial instruments managed by the National Bank of the Republic of Kazakhstan, indicating the issuers and an overview of investment activities are posted on the official website of UAPF. Information on the portfolio structure for pension assets formed at the expense of ECPC is also posted on the enpf.kz website.
Investment portfolio managers
The total volume of pension assets under the management of IPM is more than KZT62.39 bln.
As of 01.06.2025, pension assets under trust management of Jusan Invest JSC amounted to KZT11.78 bln.
The company's main investments: Exchange Traded Funds (ETF) units - 21.81%, bonds of second-tier banks of the Republic of Kazakhstan - 18.26%, government securities of the Ministry of Finance of the Republic of Kazakhstan - 16.88%, Repo - 14.28%, corporate bonds of foreign issuers - 7.63%, IFO - 6.36%, corporate bonds of issuers of the Republic of Kazakhstan - 5.39%, government securities of foreign states - 4.54%. It should be noted that 66.71% of the portfolio is presented in tenge, 31.89% - in US dollars, 1.40% - in other currencies.
As of June 1, 2025, the return on UAPF pension assets over the past 12 months, distributed to contributors' (beneficiaries') accounts, was 14.65%.
A detailed structure of the investment portfolio of financial instruments managed by Jusan Invest JSC, indicating the issuers, is presented on the UAPF website.
As of 01.06.2025, pension assets under trust management of Halyk Global Markets JSC amounted to KZT5.54 bln.
The main investments in the portfolio structure are as follows: "reverse repo" (up to 90 calendar days) - 29.90%, corporate bonds of foreign issuers - 12.77%, government securities of the Ministry of Finance of the Republic of Kazakhstan - 12.65%, bonds of second-tier banks of the Republic of Kazakhstan - 10.73%, securities with the status of government, issued by the central governments of foreign states - 8.78%, bonds of quasi-public organizations of the Republic of Kazakhstan - 8.60%, equity instruments of foreign issuers (ETF units) - 7.58%, corporate bonds of organizations of the Republic of Kazakhstan - 6.09%, shares and depositary receipts issued by organizations of the Republic of Kazakhstan - 2.64%. Investments in national currency amounted to 69.71% of the portfolio, in US dollars - 30.29%.
As of June 1, 2025, the return on UAPF pension assets over the past 12 months, distributed to the contributors' (beneficiaries') accounts, amounted to 14.85%.
A detailed structure of the investment portfolio of financial instruments managed by Halyk Global Markets JSC, indicating the issuers, is presented on the UAPF website.
As of June 1, 2025, UAPF pension assets under the trust management of BCC Invest JSC amounted to KZT6.32 bln.
Main investment areas: bonds of the second-tier banks of the Republic of Kazakhstan - 25.37%, bonds of quasi-public organizations of the Republic of Kazakhstan - 17.97%, corporate bonds of issuers-residents of the Republic of Kazakhstan - 17.06%, corporate bonds of foreign issuers - 13.28%, repo - 11.42%, government securities of the Ministry of Finance of the Republic of Kazakhstan - 8.18%.
Investments in national currency amounted to 74.27% of the portfolio, in US dollars - 25.73%.
As of June 1, 2025, the yield of UAPF pension assets over the past 12 months, distributed to the contributors' (beneficiaries' accounts, amounted to 14.50%.
A detailed structure of the investment portfolio of financial instruments managed by BCC Invest JSC with an indication of issuers is presented on the UAPF website.
As of 01.06.2025, UAPF pension assets under trust management of Centras Securities JSC amounted to KZT2.40 bln.
22.67% were invested in corporate bonds of RK issuers, 20.43% in government securities of the MF RK, 14.19% in bonds of second-tier banks of RK, 12.33% in bonds of quasi-public organizations, 6.27% in US government bonds, 4.26% in shares and depositary receipts of RK resident issuers, and 2.50% in repo.
Investments in national currency amounted to 67.65% of the portfolio, and 32.35% in US dollars.
As of June 1, 2025, the return on UAPF pension assets over the past 12 months, distributed to contributors' (beneficiaries') accounts, amounted to 15.58%.
A detailed structure of the investment portfolio of financial instruments managed by Centras Securities JSC, indicating the issuers, is presented on the UAPF website.
As of June 1, 2025, pension assets under the trust management of Halyk Finance JSC, SO of Halyk Bank of Kazakhstan, amounted to KZT36.35 bln.
The main investments in the portfolio structure are as follows: Government securities of the Ministry of Finance of the Republic of Kazakhstan - 25.26%, bonds of second-tier banks of the Republic of Kazakhstan - 11.25%, corporate bonds of foreign issuers - 9.90%, units of Exchange Traded Funds (ETF) - 8.41%, government securities of foreign states - 8.04%, bonds of quasi-public organizations of the Republic of Kazakhstan - 6.55%, corporate bonds of issuers of the Republic of Kazakhstan - 5.90%, shares and depositary receipts of foreign issuers - 2.88%.
58.41% of the portfolio is invested in instruments in national currency, in US dollars - 41.59%.
As of June 1, 2025, the return on UAPF pension assets over the past 12 months, distributed to the contributors' (beneficiaries') accounts, amounted to 15.06%.
A detailed structure of the investment portfolio of financial instruments managed by Halyk Finance JSC, SO of Halyk Bank of Kazakhstan with an indication of issuers is presented on the UAPF website.
Recall that from July 1, 2023, contributors can transfer to IPM trust management:
UAPF was founded on August 22, 2013 on the basis of GNPF APF JSC. The founder and shareholder of the UAPF is the Government of the Republic of Kazakhstan represented by the State Institution Committee of State Property and Privatization of the Ministry of Finance of the Republic of Kazakhstan. Trust management of UAPF pension assets is carried out by the National Bank of the Republic of Kazakhstan. In accordance with the pension legislation, the UAPF attracts compulsory pension contributions, employer’s compulsory pension contributions, compulsory occupational pension contributions, voluntary pension contributions, as well as carries out enrollment and accounting of voluntary pension contributions formed at the expense of the unclaimed amount of guaranteed compensation for the guaranteed deposit, transferred by the organization carrying out mandatory guarantee of deposits, in accordance with the Law of the Republic of Kazakhstan "On mandatory guarantee of deposits placed in second-tier banks of the Republic of Kazakhstan", ensures the implementation of pension benefits. The Fund also carries out accounting of target assets and target requirements, accounting and crediting of target savings (TS) to target savings accounts, payments of TS to their recipients in bank accounts, accounting for returns of TS in the manner determined by the Government of the Republic of Kazakhstan within the framework of the National Fund for Children program (More details at www.enpf.kz)
[1] less money in pension contribution and payment accounts
Long-term growth: net investment income since 2014 amounted to KZT11.67 trillion
Since the consolidation of pension assets in the UAPF in 2014, as of June 1, 2025, the volume of accumulated net investment income reached KZT11.67 trillion. Taking into account the payments made, the share of accumulated net investment income in the total volume of pension savings of Kazakhstanis as of June 1, 2025 is 39.6%, which indicates the significant role of investment activities in the formation of pension savings of citizens.
It should be emphasized that the return on pension assets for individual short-term periods of time is not an indicator of the effectiveness of their management, since income in the form of remuneration on financial instruments and other transactions accrued over a short period of time does not always cover fluctuations in the value of securities and exchange rates for a given period. Therefore, it is advisable to carry out an objective assessment of investment income for a period of at least one year.
Despite short-term fluctuations, the return on pension assets managed by the NBRK and formed through compulsory, compulsory occupational and voluntary contributions over the past 12 months from June 2024 to May 2025 amounted to 13.08% with inflation of 11.30%, the amount of accrued investment income was KZT2.60 trillion. The return on ECPC as of June 1, 2025 over the past 12 months was 11.39%.
In the medium and long term, a positive real return on pension savings is ensured, outpacing the level of accumulated inflation. Thus, the accumulated investment return from the inception of the funded pension system in 1998 until June 1, 2025, with a cumulative total, amounted to 972.48% with inflation for the entire period of 884.38%.
We would also like to remind you that Kazakhstan has a unique guarantee of the safety of compulsory pension contributions taking into account the inflation rate. In cases of a decrease in profitability in a particular period, which affected the accumulated profitability of the contributor upon the occurrence of the right to benefits, compensation for the difference is guaranteed by the state.
The entire system of investment management and accounting of pension assets is transparent: each contributor has the opportunity to see their investment income in their personal account on the enpf.kz website or in the mobile application.
Information on investment management of UAPF pension assets and on financial instruments in which UAPF pension assets are placed is published on the official UAPF website (www.enpf.kz) in the section "Statistics and Analytics/Investment Management of Pension Assets".
UAPF was founded on August 22, 2013 on the basis of GNPF APF JSC. The founder and shareholder of the UAPF is the Government of the Republic of Kazakhstan represented by the State Institution Committee of State Property and Privatization of the Ministry of Finance of the Republic of Kazakhstan. Trust management of UAPF pension assets is carried out by the National Bank of the Republic of Kazakhstan. In accordance with the pension legislation, the UAPF attracts compulsory pension contributions, employer’s compulsory pension contributions, compulsory occupational pension contributions, voluntary pension contributions, as well as carries out enrollment and accounting of voluntary pension contributions formed at the expense of the unclaimed amount of guaranteed compensation for the guaranteed deposit, transferred by the organization carrying out mandatory guarantee of deposits, in accordance with the Law of the Republic of Kazakhstan "On mandatory guarantee of deposits placed in second-tier banks of the Republic of Kazakhstan", ensures the implementation of pension benefits. The Fund also carries out accounting of target assets and target requirements, accounting and crediting of target savings (TS) to target savings accounts, payments of TS to their recipients in bank accounts, accounting for returns of TS in the manner determined by the Government of the Republic of Kazakhstan within the framework of the National Fund for Children program (More details at www.enpf.kz)
Pension savings payments await their owners
UAPF constantly carries out information and explanatory work on the need for timely application for pension benefits by both recipients and heirs of deceased contributors/beneficiaries.
Every year, UAPF carries out a reconciliation with the State Corporation "Government for Citizens" on persons who have reached retirement age, who have pension savings due to compulsory pension contributions, compulsory occcupational pension contributions to UAPF and who have not applied to UAPF for their benefit payment, for the presence of pension benefits by age and state basic pension benefit assigned at the expense of budgetary funds for these persons in the information system of the authorized body in the sphere of social protection of the population.
Based on the results of the annual reconciliation, UAPF makes pension payments to recipients in a proactive format through the State Corporation. That is, pensioners receiving a pension from the state budget begin to receive payments from UAPF if they have pension savings.
Statistics
As of 01.06.2025, the total amount of unclaimed pension savings of persons who have reached the generally established retirement age is about KZT37.3 bln in 264,695 individual pension savings accounts (IPSA), of which, according to information received by UAPF from the information systems of government agencies:
- 148,335 people are deceased and their pension savings can be claimed by heirs;
- 59,800 people have left for permanent residence outside of Kazakhstan;
- 56,560 people have not yet applied to the State Corporation (PSC at the place of residence) to apply for their old-age pensions.
How to receive pension benefits?
Let us remind you that pension savings are subject to UAPF accounting, continue to be invested and are held in the IPSA of contributors until demanded by beneficiaries or their heirs (in the event of the depositor's death).
The pensioner did not apply for savings
To assign pension benefits from UAPF at the expense of mandatory types of pension contributions in connection with reaching retirement age, as well as the assignment of a basic and solidarity pension from the state budget, recipients must contact the State Corporation "Government for Citizens" (CSC) at their place of residence.
When leaving for permanent residence
Foreigners and stateless persons who have left for permanent residence outside of Kazakhstan, who have pension savings in UAPF and have submitted documents in accordance with Kazakhstani legislation, may exercise the right to pension benefits from UAPF in connection with leaving for permanent residence outside of Kazakhstan.
In connection with the death of a person with pension savings
In the event of the death of a person with pension savings in UAPF, his/her family members of UAPF are paid a one-time payment for burial at the expense of the deceased person's pension savings within the amount of 94 times the monthly calculation indicator established for the relevant financial year by the law on the republican budget, but not more than the deceased person's funds available in IPSA.
Pension savings are also inherited in the manner established by the legislation of the Republic of Kazakhstan. Within 6 months after the death of a person with pension savings, his/her heirs must contact a notary to register the inherited property in the form of the deceased person's pension savings and obtain a certificate of inheritance rights. If the application deadlines are missed, it is necessary to contact the judicial authorities to restore the right to inheritance.
The list of necessary documents for receiving pension benefits, depending on the type of pension benefits and the method of application, is posted on the enpf.kz website in the "Services-Pension Benefits" section.
UAPF was founded on August 22, 2013 on the basis of GNPF APF JSC. The founder and shareholder of the UAPF is the Government of the Republic of Kazakhstan represented by the State Institution Committee of State Property and Privatization of the Ministry of Finance of the Republic of Kazakhstan. Trust management of UAPF pension assets is carried out by the National Bank of the Republic of Kazakhstan. In accordance with the pension legislation, the UAPF attracts compulsory pension contributions, employer’s compulsory pension contributions, compulsory occupational pension contributions, voluntary pension contributions, as well as carries out enrollment and accounting of voluntary pension contributions formed at the expense of the unclaimed amount of guaranteed compensation for the guaranteed deposit, transferred by the organization carrying out mandatory guarantee of deposits, in accordance with the Law of the Republic of Kazakhstan "On mandatory guarantee of deposits placed in second-tier banks of the Republic of Kazakhstan", ensures the implementation of pension benefits. The Fund also carries out accounting of target assets and target requirements, accounting and crediting of target savings (TS) to target savings accounts, payments of TS to their recipients in bank accounts, accounting for returns of TS in the manner determined by the Government of the Republic of Kazakhstan within the framework of the National Fund for Children program (More details at www.enpf.kz)
On June 11, 2025, all branches ofUAPF JSC held the traditional Open Day on the topic "Your rights in the pension system: how to avoid becoming a victim of fraud".
Recently, fraudsters have been inventing new ways to deceive the population. They can be located in any country in the world and often find phone numbers on the INTERNET, for example, on free classifieds sites, find out the name and social status on social networks, through various messengers and services in order to mislead their victims and take advantage of their trust. In order to protect yourself and your loved ones from fraudsters, it is necessary to regularly improve the level of financial and legal literacy in the field of pension savings, awareness of ways to protect against fraudulent schemes.
At the online meeting dedicated to the important topic of fraud protection, the Fund's specialists spoke in detail about security measures to ensure the safety of pension savings, explained why it is important to receive information from official sources and directly from the Fund, how to distinguish legitimate offers to provide services from fraudulent schemes, what threats may come from third parties offering paid consulting services. The guests of the meeting were given some examples of illegal fraudulent actions against citizens and were given recommendations on how to behave in such situations.
Also, the UAPF employees spoke about the procedure for receiving pension benefits from the Fund, including the conditions and methods for processing them, and how to find information on the procedure for processing benefits on the website enpf.kz.
In addition to discussing the main topic, responsible employees of the UAPF divisions answered questions from the participants and held individual consultations with those who wished.
The online meeting aroused great interest and, according to the participants, was useful and productive.
We remind you that citizens of Kazakhstan can obtain information about pension savings completely free of charge at any branch of the Fund, by post, by email or online on the UAPF website (www.enpf.kz) or in the UAPF mobile application, as well as on the e-government website (www.egov.kz). Any consultations can be obtained at the UAPF branches or remotely: via multi-channel free communication, by calling the call center number 1418, as well as through official pages in social networks on such popular platforms as Odnoklassniki, Telegram, Facebook, VKontakte, X (Twitter) and Instagram, using WhatsApp at +7 777 000 1418.
For contributors (beneficiaries) located outside the Republic of Kazakhstan, there is an opportunity to receive a consultation by calling +7 (727) 356-10-60 or through the Call Online service, located on the corporate website of the Fund.
UAPF was founded on August 22, 2013 on the basis of GNPF APF JSC. The founder and shareholder of the UAPF is the Government of the Republic of Kazakhstan represented by the State Institution Committee of State Property and Privatization of the Ministry of Finance of the Republic of Kazakhstan. Trust management of UAPF pension assets is carried out by the National Bank of the Republic of Kazakhstan. In accordance with the pension legislation, the UAPF attracts compulsory pension contributions, employer’s compulsory pension contributions, compulsory occupational pension contributions, voluntary pension contributions, as well as carries out enrollment and accounting of voluntary pension contributions formed at the expense of the unclaimed amount of guaranteed compensation for the guaranteed deposit, transferred by the organization carrying out mandatory guarantee of deposits, in accordance with the Law of the Republic of Kazakhstan "On mandatory guarantee of deposits placed in second-tier banks of the Republic of Kazakhstan", ensures the implementation of pension benefits. The Fund also carries out accounting of target assets and target requirements, accounting and crediting of target savings (TS) to target savings accounts, payments of TS to their recipients in bank accounts, accounting for returns of TS in the manner determined by the Government of the Republic of Kazakhstan within the framework of the National Fund for Children program (More details at www.enpf.kz)
According to the reporting data as of June 1, 2025, since February 1, 2024, 108,694 applications have been executed in the amount of 13.34 million US dollars - the funds were transferred by the authorized operator for crediting to the bank accounts of applicants. Of these, 64,325 applications in the amount of 7.95 million dollars were executed for improving housing conditions, 44,369 applications in the amount of 5.38 million dollars - for paying for education. Let us remind you that the recipient of target savings (TS) has the right to use the entire amount or part of it. The unused balance is stored in the target savings account (TSA).
The most popular areas for using funds to improve housing conditions were: replenishment of a deposit in housing construction savings for further accumulation (62,749 applications were completed for a total of 7.77 million US dollars), making a down payment to obtain a mortgage loan for the purchase of housing - 496 applications for a total of 57.78 thousand US dollars, acquisition of housing in ownership through civil law transactions (final settlement) - 407 applications for a total of 44.69 thousand US dollars.
The most popular purposes for paying for education were: payment for educational services of educational organizations located in the Republic of Kazakhstan, in installments (for each academic period or academic year) or in full at one time (for the entire period of study) (39,065 applications completed for a total of 4.79 million US dollars), replenishment of an educational savings deposit under an agreement on an educational savings deposit (3,935 applications completed for a total of 437.15 thousand US dollars), payment for educational services of foreign educational organizations in installments (for each academic period or academic year) or in full at one time (for the entire period of study) (1,113 applications completed for a total of 122.91 thousand US dollars).
Detailed information on payments of target savings for the purpose of improving housing conditions and (or) paying for education by authorized operators and regions can be found on the website enpf.kz.
Let us recall that according to the program "National Fund for Children", 50% of the investment income of the National Fund of the Republic of Kazakhstan is distributed once a year among children who are citizens of the Republic of Kazakhstan, who were born in 2006 and later. For 2023, all recipients of the TA were credited with 100.52 US dollars, for 2024 - 129.38 US dollars. Children who received the first funds from the National Fund in 2023, with the exception of those born in 2006, were credited with investment income in the amount of 3.04 US dollars this year. As a result, the target savings of a child born in 2006 are 100.52 US dollars, and for a child born in 2007 - 232.94 US dollars.
Adult citizens must independently obtain information about their TS through their personal account on the UAPF or e-government Internet resources, and then contact an authorized operator to open a bank account in US dollars and submit an online application for payment of TS to improve housing conditions and (or) pay for education.
You can familiarize yourself with the terms of the program, get instructions, and answers to your questions on the website kids.enpf.kz and on the YouTube channel of the БЖЗҚ ЕНПФ. We also note that a video instruction on the implementation of the "National Fund for Children" program, the algorithm of actions before and after the child reaches adulthood is posted on the YouTube channel of the БЖЗҚ ЕНПФ at the link: https://www.youtube.com/watch?v=HHQNAxfskX8.
UAPF was founded on August 22, 2013 on the basis of GNPF APF JSC. The founder and shareholder of the UAPF is the Government of the Republic of Kazakhstan represented by the State Institution Committee of State Property and Privatization of the Ministry of Finance of the Republic of Kazakhstan. Trust management of UAPF pension assets is carried out by the National Bank of the Republic of Kazakhstan. In accordance with the pension legislation, the UAPF attracts compulsory pension contributions, employer’s compulsory pension contributions, compulsory occupational pension contributions, voluntary pension contributions, as well as carries out enrollment and accounting of voluntary pension contributions formed at the expense of the unclaimed amount of guaranteed compensation for the guaranteed deposit, transferred by the organization carrying out mandatory guarantee of deposits, in accordance with the Law of the Republic of Kazakhstan "On mandatory guarantee of deposits placed in second-tier banks of the Republic of Kazakhstan", ensures the implementation of pension benefits. The Fund also carries out accounting of target assets and target requirements, accounting and crediting of target savings (TS) to target savings accounts, payments of TS to their recipients in bank accounts, accounting for returns of TS in the manner determined by the Government of the Republic of Kazakhstan within the framework of the National Fund for Children program (More details at www.enpf.kz)
On June 11, 2025, UAPF JSC (UAPF, Fund) invites everyone and media representatives to an online meeting at the Open Day on the topic “Your rights in the pension system: how to avoid becoming a victim of fraud”.
The online meeting will cover issues of increasing the financial and legal literacy of the population in the area of pension savings, awareness of the population about ways to protect against fraudulent schemes.
Fund specialists will talk in detail about security measures aimed at ensuring the safety of pension savings, and explain why it is important to receive information from official sources and directly from the Fund, how to distinguish legitimate offers to provide services from fraudulent schemes, what threats can come from third parties offering paid consulting services.
Also, UAPF employees will inform the meeting participants about the procedure for receiving pension benefits from the Fund, including the conditions and methods of processing them, and how to find information about the procedure for processing benefits on the enpf.kz website.
Guests will have the opportunity to receive answers not only within the framework of the meeting topic, but also to other questions related to the pension system and personal pension savings.
To participate in the event, each participant must follow the link (https://enpf.webex.com/enpf/j.php?MTID=m24974e9e44a2608705538254804bf715), then enter the event meeting number: (2514 838 8049) and the event meeting password: (0000).
UAPF was founded on August 22, 2013 on the basis of GNPF APF JSC. The founder and shareholder of the UAPF is the Government of the Republic of Kazakhstan represented by the State Institution Committee of State Property and Privatization of the Ministry of Finance of the Republic of Kazakhstan. Trust management of UAPF pension assets is carried out by the National Bank of the Republic of Kazakhstan. In accordance with the pension legislation, the UAPF attracts compulsory pension contributions, employer’s compulsory pension contributions, compulsory occupational pension contributions, voluntary pension contributions, as well as carries out enrollment and accounting of voluntary pension contributions formed at the expense of the unclaimed amount of guaranteed compensation for the guaranteed deposit, transferred by the organization carrying out mandatory guarantee of deposits, in accordance with the Law of the Republic of Kazakhstan "On mandatory guarantee of deposits placed in second-tier banks of the Republic of Kazakhstan", ensures the implementation of pension benefits. The Fund also carries out accounting of target assets and target requirements, accounting and crediting of target savings (TS) to target savings accounts, payments of TS to their recipients in bank accounts, accounting for returns of TS in the manner determined by the Government of the Republic of Kazakhstan within the framework of the National Fund for Children program (More details at www.enpf.kz)
UAPF JSC (hereinafter referred to as UAPF) presents a report on the management of pension assets by the National Bank of the Republic of Kazakhstan (hereinafter referred to as NBRK) and investment portfolio managers (hereinafter referred to as IPM) on the enpf.kz website in the section "Indicators - Investment activities".
The total volume of pension assets as of May 1, 2025, under the management of the NBRK and IPM amounted to KZT23,065.95 bln. As of this date, UAPF pension assets under the trust management of the NBRK, formed through compulsory pension contributions (hereinafter referred to as CPC), compulsory occupational pension contributions (hereinafter referred to as COPC), voluntary pension contributions (hereinafter referred to as VPC), amounted to about KZT22,630.73 bln[1]. The volume of pension assets formed by employer’s compulsory pension contributions (hereinafter referred to as ECPC), which are in the trust management of the NBRK, is KZT372.84 bln.
Pension assets under IPM management amounted to more than KZT62.38 bln.
Investment portfolio of pension assets managed by
the National Bank of the Republic of Kazakhstan
The National Bank, as a trustee of UAPF pension assets, pursues a balanced investment policy: invests in various types of financial instruments by currencies, countries, sectors and issuers.
The main areas of investment of pension assets formed through CPC, COPC, VPC, as of May 1, 2025, are as follows: government securities of the Ministry of Finance of the Republic of Kazakhstan - 43.14%, bonds of quasi-public companies - 9.09%, bonds of second-tier banks of the Republic of Kazakhstan - 3.21%, deposits of the National Bank of the Republic of Kazakhstan - 2.22%, shares and depositary receipts of issuers of the Republic of Kazakhstan - 1.49%, IFOs - 1.37%.
The investment portfolio broken down by currencies in which financial instruments acquired through CPC, COPC, VPC are denominated as of May 1, 2025, looks like this: investments in national currency - 59.63%, in US dollars - 40.37%, in other currencies - 0.01% of the pension asset portfolio.
From the analysis of the structure of the received income it follows that the income in the form of remuneration on securities, including on placed deposits and reverse repo transactions, amounted to KZT590.71 bln. The market revaluation of securities, foreign currency, on assets under external management was negative. Other income amounted to KZT4.32 bln.
Despite short-term fluctuations in profitability, over the past 12 months from May 2024 to April 2025, the amount of accrued investment income amounted to about KZT2.63 trillion, the yield for this period was 13.35% with inflation at 10.70%.
ECPC investment areas as of May 1, 2025 are as follows: government securities of the Ministry of Finance of the Republic of Kazakhstan - 77.98%, repo transactions - 15.94%, NBRK deposits - 6.08%.
The investment portfolio at the expense of ECPC includes only financial instruments denominated in national currency.
As of May 1, 2025, the yield of ECPC PA over the past 12 months was 9.03%.
Let us recall that pension savings are long-term investments. Therefore, it is advisable to analyze the size of investment income for a period of at least one year. In certain periods, a decrease in return may be observed due to the volatility of foreign exchange rates, changes in the market value of financial instruments, as well as the impact of inflation. Diversification of the investment portfolio, when income from some instruments covers temporary losses on others, ensures the safety and stable return on pension savings in the long term. Thus, investment income in dynamics over the past 3 years shows stable growth, the return on pension assets exceeds the inflation rate.
A detailed structure of the investment portfolio of financial instruments managed by the NBRK, indicating issuers, and an overview of investment activities are posted on the official website of UAPF. Information on the structure of the portfolio for pension assets formed through ECPC is also posted on the enpf.kz website.
Investment Portfolio Managers
The total volume of pension assets under IPM management is over KZT62.38 bln.
As of 01.05.2025, pension assets under trust management of Jusan Invest JSC amounted to KZT11.70 bln.
The company's main investments: Exchange Traded Funds (ETF) units - 21.55%, bonds of second-tier banks of the Republic of Kazakhstan - 18.88%, government securities of the Ministry of Finance of the Republic of Kazakhstan - 17.78%, Repo - 10.35%, corporate bonds of foreign issuers - 7.91%, MFIs - 6.22%, corporate bonds of issuers of the Republic of Kazakhstan - 6.03%, government securities of foreign states - 4.75%. It should be noted that 67.00% of the portfolio is presented in tenge, 31.58% - in US dollars, 1.42% - in other currencies.
As of May 1, 2025, the return on UAPF pension assets over the past 12 months, distributed to the accounts of contributors (beneficiaries), amounted to 16.42%.
A detailed structure of the investment portfolio of financial instruments managed by Jusan Invest JSC, indicating the issuers, is presented on the UAPF website.
As of 01.05.2025, pension assets under trust management of Halyk Global Markets JSC amounted to KZT5.46 bln.
The main investments in the portfolio structure are as follows: "reverse repo" (up to 90 calendar days) - 22.90%, corporate bonds of foreign issuers - 14.26%, government securities of the Ministry of Finance of the Republic of Kazakhstan - 12.87%, bonds of second-tier banks of the Republic of Kazakhstan - 11.45%, corporate bonds of organizations of the Republic of Kazakhstan - 10.94%, bonds of quasi-public organizations of the Republic of Kazakhstan - 8.96%, equity instruments of foreign issuers (ETF units) - 7.50%, shares and depositary receipts issued by organizations of the Republic of Kazakhstan - 2.61%, securities with government status issued by the central governments of foreign states - 2.54%. Investments in national currency accounted for 69.72% of the portfolio, in US dollars - 30.28%.
As of May 1, 2025, the return on UAPF pension assets over the past 12 months, distributed to contributors (beneficiaries) accounts, amounted to 16.74%.
A detailed structure of the investment portfolio of financial instruments managed by Halyk Global Markets JSC, indicating the issuers, is presented on the UAPF website.
As of May 1, 2025, UAPF pension assets under the trust management of BCC Invest JSC amounted to KZT6.17 bln.
Main investment areas: bonds of the second-tier banks of the Republic of Kazakhstan - 26.20%, bonds of quasi-public organizations of the Republic of Kazakhstan - 19.17%, corporate bonds of issuers-residents of the Republic of Kazakhstan - 16.62%, corporate bonds of foreign issuers - 11.01%, REPO - 9.19%, government securities of the Ministry of Finance of the Republic of Kazakhstan - 8.45%.
Investments in national currency amounted to 75.77% of the portfolio, in US dollars - 24.23%.
As of May 1, 2025, the yield of UAPF pension assets over the past 12 months, distributed to contributors (beneficiaries) accounts, amounted to 17.45%.
A detailed structure of the investment portfolio of financial instruments managed by BCC Invest JSC, indicating the issuers, is available on the UAPF website.
As of 01.05.2025, UAPF pension assets under trust management of Centras Securities JSC amounted to KZT2.31 bln.
21.17% were invested in government securities of the Ministry of Finance of the Republic of Kazakhstan, corporate bonds of issuers of the Republic of Kazakhstan - 19.94%, bonds of quasi-public organizations - 18.34%, bonds of second-tier banks of the Republic of Kazakhstan - 10.23%, US government bonds - 6.58%, repo - 5.54%, shares and depositary receipts of issuers-residents of the Republic of Kazakhstan - 4.31%.
Investments in national currency amounted to 69.82% of the portfolio, in US dollars - 30.18%.
As of May 1, 2025, the return on UAPF pension assets over the past 12 months, distributed to contributor (beneficiaries) accounts, was 15.66%.
A detailed structure of the investment portfolio of financial instruments managed by Centras Securities JSC, indicating the issuers, is presented on the UAPF website.
As of 01.05.2025, pension assets under the trust management of Halyk Finance JSC, amounted to KZT36.74 bln.
The main investments in the portfolio structure are as follows: Government securities of the Ministry of Finance of the Republic of Kazakhstan - 25.23%, corporate bonds of issuers of the Republic of Kazakhstan - 14.12%, corporate bonds of foreign issuers - 10.87%, bonds of second-tier banks of the Republic of Kazakhstan - 11.78%, units of Exchange Traded Funds (ETF) - 10.04%, shares and depositary receipts of foreign issuers - 7.30%, government securities of foreign states - 6.48%, bonds of quasi-public organizations of the Republic of Kazakhstan - 6.77%. 60.20% of the portfolio is invested in instruments in national currency, 39.80% in US dollars.
As of May 1, 2025, the return on UAPF pension assets over the past 12 months, distributed to contributors (beneficiaries) accounts, amounted to 16.49%.
A detailed structure of the investment portfolio of financial instruments managed by Halyk Finance SO of Halyk Bank of Kazakhstan JSC with the indication of issuers is presented on the UAPF website.
Recall that from July 1, 2023, contributors can transfer no more than 50% of pension savings to trust management through compulsory pension contributions (CPC) and compulsory occupational pension contributions (COPC) without taking into account the minimum sufficiency threshold by investment portfolio managers (IPM), choosing such a company themselves. Contributors who have voluntary pension savings can transfer them to their IPM in the amount of 100%.
UAPF was founded on August 22, 2013 on the basis of GNPF APF JSC. The founder and shareholder of the UAPF is the Government of the Republic of Kazakhstan represented by the State Institution Committee of State Property and Privatization of the Ministry of Finance of the Republic of Kazakhstan. Trust management of UAPF pension assets is carried out by the National Bank of the Republic of Kazakhstan. In accordance with the pension legislation, the UAPF attracts compulsory pension contributions, employer’s compulsory pension contributions, compulsory occupational pension contributions, voluntary pension contributions, as well as carries out enrollment and accounting of voluntary pension contributions formed at the expense of the unclaimed amount of guaranteed compensation for the guaranteed deposit, transferred by the organization carrying out mandatory guarantee of deposits, in accordance with the Law of the Republic of Kazakhstan "On mandatory guarantee of deposits placed in second-tier banks of the Republic of Kazakhstan", ensures the implementation of pension benefits. The Fund also carries out accounting of target assets and target requirements, accounting and crediting of target savings (TS) to target savings accounts, payments of TS to their recipients in bank accounts, accounting for returns of TS in the manner determined by the Government of the Republic of Kazakhstan within the framework of the National Fund for Children program (More details at www.enpf.kz)
[1] без учета денег на счетах пенсионных взносов и выплат